CIBC Declines After Posting Quarterly Profit Drop: Toronto Mover

Canadian Imperial Bank of Commerce, the country’s fifth-biggest lender, fell the most in five months after posting a decline in first-quarter profit and maintaining its current dividend.

CIBC fell 1.7 percent to C$82.50 at 11:22 a.m. in Toronto, the most intraday since Sept. 26. The shares have gained 3.3 percent this year, compared to the 4.2 percent advance of the eight-company Standard & Poor’s/TSX Commercial Banks Industry Index.

Profit for the period ended Jan. 31 fell 4.4 percent to C$798 million, the Toronto-based bank said today in a statement. CIBC also maintained its 94 cent-a-share dividend while larger rivals Royal Bank of Canada and Toronto-Dominion Bank (TD) increased their payouts.

Bloomberg Dividend Forecasts estimated CIBC to raise its quarterly payout.

CIBC also said in the statement that its Aeroplan credit- card partnership with Aimia Inc. (AIM) will expire Dec. 31 unless both companies agree to extend. Aimia fell 2.4 percent to C$15.18 in Toronto.

To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; David Scheer at dscheer@bloomberg.net